Stocks rise as political tensions ease

KSE-100 gains 978 points to storm past 44,000 level 

KARACHI: The Pakistan Stock Exchange (PSX) extended its rally on Monday, with the benchmark index surpassing the 44,000 mark amid ease in political tensions.

Global equity markets also displayed a positive trend, whereas crude oil prices inched up from the previous close; crude prices appreciating 0.43pc to $65.89, while Brent crude price rising 0.40pc to $69.50 (as at 3:48pm PST).

“The stock market went uphill today, as investor sentiment remined positive following the government’s victory in Senate election. Buying was witnessed across the board, mainly in cement, steel and tech sectors,” a report issued by Arif Habib Ltd read.

MARKET SUMMARY

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Reminiscent of the previous session, the benchmark KSE-100 Index remained in the green throughout the day, registering its intraday high at 44,839.19 after accumulating 1,051.11 points. It settled higher by 978.51 points at 44,766.59.

Among other indices, the KMI-30 Index gathered 1,737.57 points to close at 74,262.20, while the KSE All Share Index added 634.52 points, ending at 30,647.57.

The overall market volumes improved from 442.52 million shares on Friday to 455.36 million shares (+3pc). Average traded value also increased by 2pc, from $137.5 million to $139.9 million. TRG Pakistan Ltd (TRG +7.49pc), Unity Foods Ltd (UNITY +7.49pc) and Fauji Cement Company Ltd (FCCL +1.94pc) led the volume chart, exchanging 24.90 million, 23.63 million and 21.09 million shares, respectively.

Sectors that drove the benchmark index north included cement (+169.78 points), technology & communication (+151.38 points) and oil & gas marketing (+99.83 points). Among the companies, TRG Pakistan Ltd (TRG +96.32 points), Pakistan State Oil Company ltd (PSO +70.36 points) and Lucky Cement Ltd (LUCK +57.40 points) remained the top contributors.

Adding 7.85pc to its cumulative market capitalization, the tech & communication sector as the session’s top performer, with Systems Ltd (SYS 7.49pc), NetSol Technologies Ltd (NETSOL 7.50pc) and Avanceon Ltd (AVN 7.49pc) posting significant gains.

Meanwhile, Babri Cotton Mills Ltd (BCML +7.49pc) in a notification announced that its members have approved the ‘Proposed Scheme of Arrangement’ for merger/amalgamation of the company with Janana De Malucho Textile Mills Ltd (JDMT -7.25pc).

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